Impact Coatings: Soft Q1 due to absence of machine deliveries - ABG
* Sales SEK 12.7m (vs. ABGSCe 7.8m), positive one-off effect of 4.8m * Adj. EBIT SEK -16m (vs. ABGSCe -12m) * Machine order (IC500) placed after Q1, order value ~EUR 1.5m
ANNONS
Q1 results
Sales came in at SEK 12.7m (vs. ABGSCe 7.8m), with no machines delivered in the quarter (in line with estimates). Q1 included a positive one-off of SEK 4.8m from the sale of metals from Impact's inventory to accelerate the transition to a new metal management agreement. Adjusted for this, sales were SEK 7.9m (in line with ABGSCe SEK 7.8m). However, adj. EBIT was lower at SEK -16m (vs. ABGSCe -12m). FCF was SEK -14m (vs. ABGSCe -10m) and the company ended the quarter with a cash balance of SEK 18.3m (26.3m LY). Management writes that the quarter was temporarily affected by Chinese New Year, which reduced activity. Moreover, Coating Services experienced some delay during the quarter, which impacted net sales in the segment.
Estimates and outlook
On numbers alone, '26e-'28e sales change by +5% and adj. EBIT changes by SEK -4m. After the quarter, Impact received an order for an INLINECOATER IC500 from HJWAVE (Korean vehicle radar antennas), valued at ~EUR 1.5m with delivery scheduled for Q3'26. Discussions with LINDBERG in the luxury segment also remain active. Within energy, Q1 saw continued test orders in electrolysis and fuel cell applications, and after the quarter two larger customers within SOFC and PEM electrolysis placed test orders.
Valuation
The share has returned +41% L3M (vs. peer median +8% and OMX Stockholm Allshare +1%), and is currently trading at 2.1x-2.0x '26e-'28e EV/Sales on our pre-report estimates vs. the peer median of 2.0x-0.8x.
